Exchange on a chip

PAX (link) is building an exchange on a chip. We co-locate high frequency trading (HFT) logic directly onto the same silicon device where we run our core exchange matching engine.

We move traders to within nanometers of the exchange. Such proximity unlocks unprecedented value to high frequency customers and PAX shares this value by offering zero-fees & cash-back, to every other market participant on every trade.

Crypto go-to-market

PAX will start operating its exchange first in crypto, offering spot & perps for BTC & ETH. Crypto is a fast growing space with $1T+ in daily volume.

Technology that spans asset classes

After growing in crypto, PAX will establish a U.S equities ATS and continue to monetize by operating exchanges in every asset class and every global market.

What you’ll do:

As founding software engineer, you will be a core contributor to our ultra-low latency matching engine, implementing its technology as a hw/sw co-design in Rust.

PAX ultra low-latency in-silicon matching engine:

PAX is building the world's first exchange and co-located trading facility on a chip. We will go-to-market using AWS F2 FPGA instances and follow-on with an ASIC design that combines network aggregation with exchange functionality.

PAX provides the fastest tick-to-trade and market data publication in the world, across all exchanges (e.g. faster than NYSE, Deutsche Börse, etc.).

Exchange integrated high frequency trading logic:

The PAX λ API provides traders with on-chip exchange integrated HFT decision logic. Using the λ API, traders can make markets or take arbitrage opportunities. The λ API enables traders to respond to market events the very instant the information is registered in the exchange matching engine.

PAX business model:

PAX sells access to its ultra-low latency λ API and offers trading otherwise for free. Existing exchanges typically offer rebates for liquidity providers ("makers") and charge fees to liquidity takers (the "maker/taker" fee structure). At PAX when λ and non-λ orders pair together, the free-tier order is given a cash rebate regardless of whether their order was characterized as making or taking. PAX is the first exchange to offer zero-fee trading and rebates for both making and taking.

Deep dives on PAX market structure & technology:

• On-exchange trading incentives with inherent price competition.
• PAX rebates & fees.
• PAX λ API.

Relevant background:

Candidates with experience in high frequency trading (HFT) or at an exchange are encouraged to apply.

Skills:

• Rust and/or C++
• HFT
• Protobuf
• Curiosity and ability to learn
• Passion for trading and markets

Our core technology

The PAX order book, matching engine, and our ultra-low latency λ API are implemented in silicon. We use Rust and SystemVerilog to implement our technology as a hw/sw co-design.

Today, PAX runs on AWS FPGA F2 instances and soon we will be building custom ASICs to support the next epoch of high volume trading with exchange integrated α models (AI/ML price prediction models).

PAX is the fastest exchange with the fastest tick-to-trade from crypto to Wall Street.